SBI Card To Raise Credit Card Charges From November 1: Key Changes You Should Know

If you are a SBI Credit card holder, then this news is for you. The giant banker is introducing some changes to its credit card charges which include an increase in the utility bill payments finance charges, rewards caps, and transaction fees. These changes will be effective from November 1, 2024.

What All Will Change From Today?SBI credit card will see a 1% surcharge on utility bill payments if the total bill exceeds Rs 50,000 in a single billing cycle. This fee will be applicable for for essential services such as electricity, gas, and water.If the bill is less than Rs 50,000 in the same billing cycle, there will be not extra charge applicable. Alongside the new surcharge on utility bills, SBI Card is increasing its finance charges on unsecured credit cards. Starting November 1, the finance charge for all unsecured SBI credit cards will rise to 3.75% per month, with the exception of the Shaurya/Defense card, which will maintain its current rate.Unsecured credit cards, unlike secured cards, do not require collateral or a security deposit to obtain. This may impact several people as they many people rely on these cards for their daily transactions. Other Changes:According to RBI guidelines, nominee registration for Credit Card Insurance is now compulsory. You can do so via the SBI Card app or website.Two cards have been discontinued from September 28, 2024: Club Vistara SBI Credit Card and SBI Credit Card PRIME.